Natco Pharma shares rose more than 2% in morning trade on March 3, a day after the company said it would consider a share buyback offer.
The stock rose more than 5% in two days. Natco Pharma was quoted at Rs 563.65 on the BSE at 11.08 am, up Rs 10.05 or 1.82%. It touched an intraday high of Rs 578.70 and an intraday low of Rs 561.55.
The stock’s volume was 17,987 shares compared with its five-day average of 12,335 shares, an increase of 45.82%.
The company said in an exchange filing that the board would consider a proposal to buyback the company’s paid-up equity shares at a face value of Rs 2 on March 8.
The pharmaceutical company recently submitted a new application to US health regulators to market generic Olaparib tablets for treating ovarian, breast, pancreatic and prostate cancers.
The pharmaceutical company reported a net profit of Rs 62.3 crore for the December 2022 quarter, down 22.51% year-on-year. Net Sales for December 2022 at Rs 492.5 crore, down 12.13% from Rs 560.5 crore in December 2021.